The Real Cost Of Saudi Arabia’s Gas Ambitions | OilPrice.com:
The world’s liquefied natural gas (LNG) market will become even more competitive within the next several years. Saudi Arabia, the world’s largest oil exporter, is now vying to become a major LNG exporter, joining the ranks of LNG heavyweights Qatar, Australia and the U.S.
State-owned Saudi Aramco’s chief executive said yesterday that the company needs $150 billion worth of investments over the next decade as the company plans to increase output and become an exporter. The company is also pushing ahead with gas development plans to offset domestic oil consumption to provide more oil available for export, a Reuters report said. Saudi Arabia also plans to produce 10 percent of its power from renewable sources in the next five to six years to diversify its energy mix and free up even more crude oil for export purposes.
The kingdom, and OPEC de facto leader, is developing around 30 solar and wind projects targeting 9.5 GW of renewable energy by 2023, as well as plans to build 17.6 GW of nuclear capacity by 2032.
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